Public Notice Issued by The Business Registration and Licensing Agency (“BRELA”) Concerning Updating of Annual Statutory Filings (2022)

The Business Registrations and Licensing Agency (BRELA) published on 4th February 2022, notice calling on Company Directors and Secretaries of companies incorporated or registered under the Companies Act as branches of foreign companies to attend to the filing of their statutory Annual Returns. In the case of branches, they are required to file their consolidated financial statements annually. The BRELA Notice can be found here

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Public Notice on Extension of the Deadline for Companies to Submit Information of Their Beneficial Owners as Per the Company (Beneficial Ownership) Regulations

As you are all aware the Companies Act No.12 of 2002 was amended by the Finance Act 2020, introducing the concept of Beneficial Ownership (BO) aligning our identification protocols to international and regional standards. The intention is to “identify the person or persons who ultimately own or control a legal entity or arrangement, such as a company, a trust, or a foundation.”

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General Amnesty to All Employers with Outstanding Arrears of Contributions and Penalty

On 2ndOctober 2021, The National Social Security Fund (NSSF) (“the Fund”)announced to grant amnesty to all employers with outstanding arrears of contributions and penalty. The amnesty is effective from 1stOctober 2021, and it covers all employers of statutory contributions and penalty for the period up to 30thJune 2021 on the following conditions: 16th July, 2021.

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